How to Measure (and Improve) Your Shopify Store’s Marketing Results
For Shopify merchants, there are a handful of spaces where data could fall through the cracks.
On average, Shopify brands use six apps to run one store, plus additional providers for email, paid media, inventory management, and more.
That’s a lot of data to keep an eye on—and measuring (and understanding) your Shopify store’s metrics are essential to the success of your business.
How do you know what data matters? How do you calculate accurate metrics to help you interpret your store’s marketing results? And, how do you access your data without paying an exorbitant fee?
Read on to learn:
- Ecommerce metrics you should prioritize, and why they matter to the overall health of your store
- Tips to improve your Shopify store’s performance and marketing results
- How to consolidate your store data and tools to create a single source of insight
Once you leverage your analytics, you’ll make better, more informed decisions about your business. Let’s break it down . . .
Ecommerce metrics to prioritize and why they matter to the overall health of your store
To set a foundation, I recommend focusing on four ecommerce metric collections. Consider these stats your new best friends and check on them often! They’ll help you understand how your business is performing as a whole.
1. Key performance metrics
This is your snapshot; The quick picture of how business is going. Stats you should know, off the cuff.
Key performance metrics illustrate a high-level overview of the basics, with predictable trends. Daily spikes can signal that your marketing efforts are working—while dips can flag an issue.
Keep an eye on:
2. Sales Data
Monitor your sales data to get an idea of where revenue is coming from. Be sure to:
- Compare your sales over time (look at specific time frames to draw correlations)
- Map your highest-performing products to your sales—by units or by dollars and get an idea of your best sellers
- Understand the percentage of first-time and repeat orders driving sales
3. Site Performance
Discover who is coming to your site and if they are converting to customers. Low conversions could signal that you’re not bringing qualified traffic to your site. Keep an eye on:
Another key insight you can gain from evaluating site performance is whether or not there are any glaring issues with your store. For example, if you see a big dip in orders or conversion rate, part of your tech stack might be broken. It happens—more than we like to admit!
When monitoring site performance metrics, ask yourself:
- How many orders are being placed?
- Is your traffic converting?
- If you add a new marketing channel, is it bringing in qualified traffic?
- Can you optimize the experience through customized landing pages?
4. Channel Efficiency
Channel efficiency, or what I like to call, the “prove it” point. This is where you get to prove that your paid efforts are making an impact! In order to show which channels are driving the highest ROI, zero in on:
- Ad spend (total and per-channel)
- Conversion by medium
- Channel performance: ROAS, CPA, and attributed sales
